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Payday Loans
Hello, had some financial issues in early 2016 resulting in me taking out 3 payday loans. They were all paid off fully within 3 months. All 3 show on my credit report as you would expect. My question is how long they stay showing on my file as we intend to move house next summer and I’m concerned they may impact a mortgage application. I have been told that bad loans fall off a credit file after 6 years but well paid loans can remain showing for 7-10 years. How long would well paid payday loans stay on file please?
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6 years from the date the account was closed.1
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In the UK, 6 years is the limit for most credit file related time issues.
The entries will drop off your file early next year.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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